Enterprise Bank Sees Sharp Spike in Annual Earnings
LOWELL -- Enterprise Bank saw a sharp increase in its annual earnings for 2018, with 35 percent more net income compared to the 2017 earnings, company officials announced in a recent press release.
Enterprise’s net income for 2018 was $28.9 million, an increase of $9.5 million compared to 2017, the release states.
Enterprise CEO Jack Clancy attributed the full year earnings to “continued growth and lower tax expense in 2018 due to the 2017 Tax Cuts and Jobs Act.”
Total assets and total loans increased 5 percent while customer deposits increased 9 percent compared to last year, he said.
“The collective efforts and contributions of our dedicated Enterprise team, including active community involvement, relationship building, a customer-focused mindset, and ongoing enhancements to our leading-edge product and service offerings continue to drive this growth,” Clancy said.
For the seventh consecutive year, Enterprise placed on the Boston Globe’s Top Places to Work list among large-sized companies in the Commonwealth, ranking No. 3.
“Thirty years ago, on Jan. 3, 1989, we opened the doors of Enterprise Bank with the simple goal of being a locally-owned commercial bank committed to the success of our customers, communities, shareholders and team members,” said Enterprise Founder and Chairman George Duncan. “Together we have achieved so much in so many ways.”
Enterprise has 24 branch locations and is close to exceeding both $3 billion in total assets and $4 billion in assets under management, according to Duncan. Enterprise has been profitable every quarter since 1990, he added.
“We have been a partner to all our communities and have contributed significantly in both financial and human capital,” Duncan said. “Yet, there is still so much to achieve. Today, as on day one, we remain steadfastly independent and completely and deeply committed to all our stakeholders and the communities in which we operate and I am very confident the next 30 years will be even more special that the first 30 years.”
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